2016 (3) TMI 1163 - HC - Income Tax

Appeal admitted on following substantial questions of law - A Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal is right in law in directing the Assessing Officer to treat the assessee as trader for some of the transactions and as an investor for some of the transactions? B Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal is right in law in directing the Assessing Officer to treat the sum of Rs. 1, 06, 96, 159/- as long term capital gain and not business income? C Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal is right in law in directing the Assessing officer that where the shares are held for more than a month but less than a year the income should be treated as short term capital gain and where the shares are held by the assessee for less than a month then the income should be treated as profit from business for the amount of Rs. 79, 92, 480/-?

Summary

The Gujarat High Court admitted an appeal regarding the classification of transactions as trader or investor, treatment of income as capital gain or business income, and duration of share holding for tax purposes. Key questions of law raised include the treatment of transactions and income by the Income Tax Appellate Tribunal.